Recognised for its commitment to ethical leadership, compliance practices and corporate social responsibility, it is the third time the Finnish business has been included on the list.

Alex Brigham, executive director of the Ethisphere Institute, said: "Stora Enso's promotion of a sound ethical environment shines within its industry and shows a clear understanding that operating under the highest standards for business behaviour goes beyond goodwill and lip-service, and is intimately linked to performance and profitability."

Ethisphere reviewed nominations from companies in more than 100 countries and 36 industries. Other companies making the list of 99 most ethical companies included International Paper, HP and Pitney Bowes.

The ranking included reviewing codes of ethics, evaluating investment in innovation and sustainable business practices, and looking into nominations from senior executives.